Billions Spent In Melrose & Surrounding Area in New Construction In Less Than 10 Years

La Terraza in Melrose
La Terraza in Melrose

Over $2 billion has poured into the Melrose neighborhood of the Bronx as well as adjacent areas in new construction — whether residential or new commercial — in less than 10 years easily out pacing the entire borough.

The bulk of the money has been centered in the many developments in Melrose such as La Terraza, Boricua College & North Rose Apartments, St Ann’s Terrace, Via Verde as well as the proposed 950 unit La Central Development which is currently estimated at $345 million.

All these developments have led Melrose to be one of the fastest growing neighborhoods in the city as of the 2010 census with thousands of new affordable apartments for low and middle income families.

Some of the developments in Melrose and surrounding areas are:

Triangle Plaza (Commercial / under construction)- $35 million
Via Verde  (Mixed-Use Residential / completed) – $99 Million
Eltona  (Residential / completed) – $16.5 million
El Jardine De Selene (Mixed-Use Residential / completed) -$34 Million
Boricua Village  (Mixed-Use Residential / completed) – $300 million
Courtlandt Corners (Mixed-Use Residential / completed) – $92.6 Million
Courtlandt Crescent (Residential / completed ) – $24 million
La Central – (Mixed -Use Residential / proposed ) $345 Million
La Terraza – (Mixed-Use Residential / completed) $37 Million
St Ann’s Terrace (Mixed-Use Residential / completed ) $218.9 million
Parkview Commons – (Mixed-Use Residential / completed) -$24 Million
Bruckner by the Bridge (Mixed-Use Residential / completed)- $135 million (Port Morris)
Morris Court (Mixed-Use Residential / nearing completion) – $69 million (Mott Haven/Lower Concourse Rezoning District)
Bronx Terminal Market (Commercial / completed) $500,000,000
Mill Pond Park (Waterfront park / completed) $64 million

Not included in these numbers is whatever ends up happening in the Special Harlem River Waterfront District which will easily cost in the billions due to its location on a flood plain and the thousands of units being proposed.

 

With so much money pouring into the area, what will become of long term residents as these attractive new “affordable” housing units are constructed?  Will they have a ripple affect and increase rents in the surrounding, existing residential buildings?  Unlike other areas that have gentrified such as Williamsburg in Brooklyn and across the river in Harlem, construction here has been for affordable housing but it is only time before more and more private money begins to pour in and the construction of market-rate apartments begin.

 

There is a big experiment going on here Melrose and perhaps the neighborhood can show the rest of the city and the world that redevelopment  can integrate people from all socio-economic walks of life without displacement.  Only time will tell where this will all lead.  In the meantime, residents can fight to make sure that they are not left out of the equation whenever new developments rise with public monies.

 

Morris Court / ©welcome2thebronx.com
Morris Court / ©welcome2thebronx.com
Aerial view of the proposed development, La Central
Aerial view of the proposed development, La Central
One of the buildings in La Central, 980 unit affordable housing development slated for Melrose
One of the buildings in La Central, 980 unit affordable housing development slated for Melrose
North Along Bergen Avenue
North Along Bergen Avenue
In keeping with all new developments in Melrose, you can see from the renderings that open spaces including rooftop areas will play a large part of La Central
In keeping with all new developments in Melrose, you can see from the renderings that open spaces including rooftop areas will play a large part of La Central

 

Follow us:

Facebook Group: https://www.facebook.com/groups/Welcome2TheBronx/

Facebook Page: https://www.facebook.com/pages/Welcome2TheBronx/

Twitter: https://twitter.com/Welcome2theBX

Instagram: http://instagram.com/welcome2thebronx

Tumblr: http://welcome2thebronx.tumblr.com/

3 Comments

Comments are closed.

- Advertisement -Newspaper WordPress Theme

Latest news

The Bronx General Post Office Has Been Sold for $44 Million—But Will It Finally Be Revived or Join a Legacy of Broken Promises?

Another chapter has turned for one of The Bronx’s most iconic buildings. The Bronx General Post Office, located at 558 Grand Concourse at East...

Soundview Ferry Route to Expand, Linking The Bronx, Brooklyn, and Rockaways in NYC Ferry Overhaul

Since before NYC Ferry first launched its Soundview route in 2017 connecting The Bronx to Manhattan by water, Welcome2TheBronx has been vocally advocating for...

Construction begins on the tallest building at The Hub

Construction has finally begun on the final phase of one of the largest developments in The Bronx after years of delays. Building E, at the...

The Bronx General Post Office Has Been Sold for $44 Million—But Will It Finally Be Revived or Join a Legacy of Broken Promises?

Another chapter has turned for one of The Bronx’s most iconic buildings. The Bronx General Post Office, located at 558 Grand Concourse at East...

Soundview Ferry Route to Expand, Linking The Bronx, Brooklyn, and Rockaways in NYC Ferry Overhaul

Since before NYC Ferry first launched its Soundview route in 2017 connecting The Bronx to Manhattan by water, Welcome2TheBronx has been vocally advocating for...

Construction begins on the tallest building at The Hub

Construction has finally begun on the final phase of one of the largest developments in The Bronx after years of delays. Building E, at the...